Elon Musk refutes Twitter layoffs timing to have an effect on year-end compensation • TechCrunch

Elon Musk, Chief Twit, has refuted claims from a New York Instances report this weekend that states he plans to put off staff earlier than Tuesday, November 1, thus slicing workers off from receiving inventory grants as a part of their compensation.

In response to a tweet from Eric Umansky, deputy managing editor of ProPublica, that stated Musk was “ensuring to fireplace folks at Twitter earlier than a part of their year-end compensation kicks in on Tuesday,” Musk stated: “That is false.” He didn’t present any clarification about what, particularly, was false.

Umansky’s tweet included a screenshot of a highlighted portion of the NYT story that additionally famous inventory grants make up a good portion of an worker’s pay, and by shedding staff earlier than that date, Musk could keep away from paying the grants.

Musk didn’t reply to TechCrunch’s request for clarification on whether or not the layoffs will have an effect on inventory compensation. He could very properly have been refuting the complete NYT article, which said Musk is claimed to have ordered job cuts throughout the corporate, citing “4 folks with data of the matter.” However that appears unlikely, given the layoffs which are already underway.

Earlier stories stated Musk would layoff 75% of Twitter’s workers, however final week when the manager visited Twitter headquarters, he stated these numbers weren’t right. Nonetheless, stories have been surfacing about varied layoffs on the social media firm, together with of prime Twitter executives like CEO Parag Agrawal, CFO Ned Segal, Common Counsel Sean Edgett and Head of Authorized Coverage, Belief and Security Vijaya Gadde.

Musk’s $44 billion deal to buy Twitter went via late on Thursday final week. The New York Inventory Change stopped buying and selling Twitter’s inventory on Friday morning, the place it had been listed since 2013. Twitter will formally be delisted from the inventory change on November 8.

Present shareholders will probably be paid $54.20, Musks’s shopping for worth, per share. It’s not clear how Twitter’s now-private standing will have an effect on present staff with inventory grants.